Forum Financial Management LP Boosts Stake in Truist Financial Co. (NYSE:TFC)

Forum Financial Management LP increased its stake in Truist Financial Co. (NYSE:TFC - Free Report) by 81.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 18,886 shares of the insurance provider's stock after purchasing an additional 8,489 shares during the quarter. Forum Financial Management LP's holdings in Truist Financial were worth $819,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital International Investors grew its position in Truist Financial by 26.0% in the fourth quarter. Capital International Investors now owns 90,617,519 shares of the insurance provider's stock valued at $3,930,983,000 after acquiring an additional 18,712,246 shares during the period. Norges Bank acquired a new position in shares of Truist Financial during the fourth quarter valued at $402,828,000. FMR LLC lifted its stake in shares of Truist Financial by 109.1% during the fourth quarter. FMR LLC now owns 10,460,159 shares of the insurance provider's stock valued at $453,762,000 after acquiring an additional 5,457,053 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Truist Financial during the fourth quarter valued at $198,051,000. Finally, Northern Trust Corp lifted its stake in Truist Financial by 20.5% in the fourth quarter. Northern Trust Corp now owns 14,434,173 shares of the insurance provider's stock valued at $626,154,000 after buying an additional 2,452,239 shares during the period. 71.28% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TFC shares. Morgan Stanley dropped their price target on Truist Financial from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Monday, April 7th. Raymond James downgraded Truist Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Argus set a $43.00 price objective on Truist Financial in a research report on Monday, April 21st. Baird R W raised Truist Financial from a "hold" rating to a "strong-buy" rating in a report on Wednesday, March 5th. Finally, TD Cowen started coverage on Truist Financial in a report on Thursday, May 15th. They issued a "hold" rating and a $44.00 price objective for the company. Nine analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Truist Financial presently has a consensus rating of "Moderate Buy" and an average target price of $47.83.

Truist Financial Price Performance

NYSE:TFC traded down $0.14 on Friday, reaching $39.46. 2,348,182 shares of the company's stock traded hands, compared to its average volume of 8,256,580. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock has a 50-day simple moving average of $38.63 and a 200-day simple moving average of $42.95. The firm has a market cap of $51.68 billion, a PE ratio of 11.85, a P/E/G ratio of 1.63 and a beta of 0.83. Truist Financial Co. has a 12 month low of $33.56 and a 12 month high of $49.06.

Truist Financial (NYSE:TFC - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The insurance provider reported $0.87 earnings per share for the quarter, meeting analysts' consensus estimates of $0.87. Truist Financial had a return on equity of 9.32% and a net margin of 15.59%. The firm had revenue of $4.95 billion during the quarter, compared to analyst estimates of $4.99 billion. During the same quarter last year, the business posted $0.90 earnings per share. Equities research analysts forecast that Truist Financial Co. will post 4 earnings per share for the current year.

Truist Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Friday, May 9th will be issued a $0.52 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.08 annualized dividend and a dividend yield of 5.27%. Truist Financial's dividend payout ratio is currently 61.36%.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.